This chart, using my scoring rules, would score a -2 which is slightly bearish. (The scale goes from -6 to +6, negative being bearish and positive bullish).
The thing is though, it is very close to scoring +6, in fact had we not had that last 15 minute sell-off into the close on Friday this chart would have most likely have signaled a bottom and transitioned to a +6 score. Both the NYSE and the NASDQ composite managed to squeak out higher bars. The RUT2K just missed.
The 5 day moving average which we use as a momentum indicator turned flat on all three. Any type of green close on Monday will turn this chart into a full fledge bull. The bottom is being built here and we could get a pretty good push on Monday. Watch the open.
